NorthMarq Capital’s New York office completes refinancing totaling $12.9 million for five retail properties
Five Retail Properties
NEW YORK CITY (September 28, 2015) – Ernest DesRochers, senior vice president/managing director of NorthMarq Capital’s New York metro office and Charles Cotsalas, senior vice president/senior director of NorthMarq Capital’s Long Island office collaborated to arrange financing for a four retail-property portfolio in Suffolk County, Long Island and a retail plaza in Dix Hills, New York totaling a combined $12.9 million. Dix Hills Plaza: This 51,820 sq.ft. retail property is located at 1815-1819 East Jericho Turnpike in Dix Hills, New York and was refinanced for $8.5 million. The transaction was structured with a 9-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a local bank. “The lender structured the loan without any prepayment premium to allow maximum flexibility for the borrower with respect to sale or future refinance,” noted DesRochers. Four Property Portfolio: A four property portfolio of retail properties, located in Suffolk County, Long Island was refinanced at $4.4 million. The buildings contain a combined 131,005 sq.ft. The transaction was structured with a fully amortizing 18-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The borrower has a long and proven track record in the Long Island industrial market,” said DesRochers.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
